Food company reports 300 pct profit rise

By Thuy Tien February 24, 2021 | 04:22 pm PT

A cooking oil production chain seen at a factory of KIDO. Photo courtesy of KIDO.

KIDO Corporation reported a 342 percent year-on-year jump in profits in January to VND90 billion, and attributed it to a surge in edible oil sales due to Tet.

The Lunar New Year festival (Tet) falls in February. Revenues doubled to VND1.1 trillion ($47.8 million). The company targets profits of VND800 billion on sales of VND11.5 trillion for the full year.

In April, Kido Beverage Joint Venture Company (Vibev), its joint venture with dairy behemoth Vinamilk, will start producing ice creams and non-carbonated drinks.

Vibev is expected to earn revenues of VND2 trillion ($86.6 million) in its first year.

In 2021, KIDO aims to diversify its cooking oil range and improve its supply chain.

Its goals are to be the leading company in the edible oil market and remain the largest player in the ice cream market. It had 43.5 percent of the ice cream market share in 2020, according to market research firm Euromonitor.

It plans to introduce new confectionery products and expand moon cake sales in 2021 after reentering the confectionery market following a five-year absence.